We know that the fixed income of a pension can sometimes mean that budgets are tight – but if you’re receiving a pension from the UK, there are ways that you can make the most of your hard-earned money. Using a foreign exchange specialist rather than your high street bank to convert your pounds into dollars could make a significant difference to the amount of dollars that arrive in your account.
Tools for planning international transfers on a tight budget
If you like to have some certainty so you can plan ahead, there are tools that allow you to protect your money against movements in the exchange market. You can set up a forward contract to fix a rate for up to two years, and this means you’ll always know just how many dollars you’ll get for your pounds. (A forward contract may require a deposit.) You can even automate the payments with a regular payment plan that works like a Direct Debit, collecting funds from the UK, converting them to Australian dollars and depositing them into your account according to whatever schedule works for you. Even if you don’t want to go down the road of fixing the rate, you can still set up a Regular Payment Plan and opt whether you want to fix just one aspect of the transfer, either the amount of sterling leaving the UK or the amount of dollars arriving in your account to make sure you can cover all your bills.
Guidance on the currency market for your UK pension transfers
A specialist provider can also offer you guidance and provide more information on the currency market. If you have an understanding of the fluctuations within the market, you might want to opt for a market order in order to target a specific rate that is not currently available. This is a tool which monitors the foreign exchange market 24/7 on your behalf and the conversion automatically takes place if your desired rate is achieved. This can be a worthwhile tool if you have the time and resources to wait for the market to perform the way you hope, however with the foreign exchange market there are no guarantees on timing or performance. This means that market orders are not an alternative to manage your regular payments but they may be useful to consider for any one-off payments you need to make occasionally when time is on your side.
Take control of your UK pension and international transfers
However you decide to manage your pension transfers, you will also have the option to manage it all online, or speak to one of our experts if you’d prefer. Our team can provide guidance and support, and keep you informed of additional information available to you such as regular market updates and alerts. It’s worth learning more about the currency exchange market and how a specialist provider can help you so that you can stretch your pension as far as possible. An easy-to-understand, reliable service which offers you value and convenience also means more time for you to enjoy the golden years you’ve worked so hard for.
moneycorp is a reference to TTT Moneycorp Pty Limited which is registered in Australia (business number 116612858). Its principal place of business is Level 15 Exchange Tower, 2 The Esplanade, Perth WA 6000, Australia. TTT Moneycorp Pty Limited is authorised to deal in foreign exchange contracts and buy/sell quotes to retail and wholesale clients as an Authorised Representative (reference number 445555) of Rochford Capital Pty Limited (AFSL License No. 361276).